February may be the shortest month of the year, but it often comes with some hefty spending. Between Valentine’s Day jewelry, heartfelt gifts, and the major markdowns tied to Presidents’ Day car sales, many people bring home items that carry both emotional and financial significance. With purchases like these, it’s essential to make sure you’ve taken the right steps to protect them.
Picking out the perfect ring, securing a long-awaited deal on a new vehicle, or finally buying a piece of art you’ve been eyeing can be exciting. But before you gift it, display it, or take it for a spin, there’s one important task to handle: confirming that your insurance is ready to step in if the unexpected happens.
This article walks you through the key types of protection you should consider for your Valentine’s Day and Presidents’ Day purchases—from jewelry and fine art to new vehicles—and highlights a few simple recordkeeping habits that can save you stress in the future.
Why Your Coverage Matters Before You Use or Give a Gift
With high-value items, handling insurance “later” can come back to haunt you. Loss, theft, and damage can happen right away—while traveling home from the store, in the middle of gift-giving, or even during routine use. That’s why it’s wise to make sure coverage is in place before you hand off a gift or start using it yourself.
February makes this particularly important. A romantic proposal ring, a luxury watch, a bargain Presidents’ Day vehicle, or a newly purchased piece of art each comes with its own set of insurance considerations. The goal is simple: ensure your protection matches both the value and the risks associated with the item so you don’t face gaps in coverage when you need help.
Jewelry, Fine Art, and Collectibles: Why Standard Homeowners Policies Aren’t Always Enough
It’s a common misconception that a standard homeowners or renters insurance policy covers all valuables at full value. In reality, these policies typically include sublimits for categories like jewelry, fine art, and collectibles. This means claims for these items may be capped far below their true worth—often between $1,000 and $5,000.
To properly safeguard these items, additional coverage is often required. High-value items such as jewelry or fine art can be added through a scheduled personal property rider (also called an endorsement). This ensures the piece is insured up to the amount listed in its appraisal and may also cover situations standard policies don’t—like accidental breakage or mysterious disappearance.
Most insurers will require a current appraisal before allowing you to schedule an item, and updating these appraisals every few years keeps coverage accurate. Fine art, especially unique or rare pieces, may even need a specialty policy that provides protection for transport, restoration, and worldwide damage—particularly important if you move, loan your art to galleries, or travel with it.
Here are a few reminders to keep in mind when gifting or insuring valuable items:
- Coverage doesn’t automatically transfer if you give or inherit jewelry—the new owner must add it to their own policy.
- For high-value pieces, consider standalone valuable items or personal articles policies commonly offered by major insurance carriers.
- Maintain receipts, photos, serial numbers, and appraisals. These documents are crucial for establishing ownership and value if a claim ever needs to be filed.
A sentimental gift or cherished collectible may be irreplaceable emotionally, but its monetary value can still be thoroughly protected.
Buying a New Vehicle? Know Your Grace Period and Next Steps
Presidents’ Day is known for competitive car deals, and many buyers take advantage of the seasonal pricing. Fortunately, most insurance companies extend your existing auto coverage to a newly purchased vehicle for a short period—usually between seven and 30 days, with many carriers offering 14 to 30 days of temporary protection.
During this grace period, the new vehicle typically adopts the broadest coverage you already carry on your current policy. But there are some important details to be aware of:
- The grace period only applies if you already have an active auto policy covering another vehicle. If you don’t currently have auto insurance, you must secure a policy before driving the new car.
- If you insure multiple vehicles, the new one usually receives the most comprehensive coverage among them—but only for the grace period.
- Your temporary protection mirrors your existing coverage. For example, if your current car only has liability insurance, the new one will also only have liability until you update your policy.
Once you bring your new car home, make sure you formally add it to your policy before the grace period ends. If the vehicle is financed or leased, the lender will typically require comprehensive and collision coverage and may also suggest gap insurance to address the difference between your loan balance and the vehicle’s actual cash value.
Also remember to remove your old vehicle from your policy if you sold or traded it—you don’t want to continue paying for coverage you no longer need.
When purchasing a vehicle, it’s helpful to:
- Notify your insurance carrier before driving off the lot or shortly after.
- Review coverage limits and deductibles to match your new car’s value and your comfort level.
- Update details like garaging address, drivers, and vehicle use (work commute, business use, etc.).
- Keep documents such as the bill of sale, registration, and insurance ID card in an easily accessible location.
Smart Recordkeeping for Smooth Claims and Accurate Coverage
Clear, organized documentation is one of the most important tools for protecting your valuables—whether you’re insuring art, jewelry, or a new car.
Make it a habit to:
- Store receipts, appraisals, and serial numbers in one safe place.
- Upload digital copies of receipts, photos, appraisals, and VINs to secure cloud storage.
- Take photos of new items from several angles to support any future claims.
- Review your homeowners and auto policies annually or after major purchases.
- Ask your agent about bundling opportunities that may save you money when you add new items or vehicles.
This combination of physical and digital records helps ensure your insurer can verify value and ownership quickly if something goes wrong.
If You Haven’t Updated Your Insurance Yet, Don’t Worry
If you bought something recently—whether last month or last year—and forgot to update your policy, you’re not alone. It’s easy to get caught up in enjoying a new purchase and put off the insurance conversation.
The encouraging news is that it’s not too late. An agent can still review your items, help determine whether they should be scheduled, and update your coverage so it reflects what you own today.
Final Thoughts: Enjoy Your February Purchases, and Protect What Matters Most
Valentine’s Day and Presidents’ Day often lead to some of the most meaningful purchases of the year—sparkling jewelry, new vehicles, unique artwork, or special collectibles. Taking a few extra minutes to confirm your insurance protection is a simple but effective way to safeguard both the financial and sentimental value of these items.
If you're planning to add something new to your life this February—or have recent purchases you haven’t insured yet—I’m here to help ensure they’re fully protected. A quick conversation can offer peace of mind, letting you enjoy your new jewelry, art, or vehicle knowing you’ve taken the right steps to keep them safe.